Correlation Between Amkor Technology and 893574AK9
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By analyzing existing cross correlation between Amkor Technology and TRANSCONTINENTAL GAS PIPE, you can compare the effects of market volatilities on Amkor Technology and 893574AK9 and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Amkor Technology with a short position of 893574AK9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and 893574AK9.
Diversification Opportunities for Amkor Technology and 893574AK9
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Amkor and 893574AK9 is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and TRANSCONTINENTAL GAS PIPE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TRANSCONTINENTAL GAS PIPE and Amkor Technology is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Amkor Technology are associated (or correlated) with 893574AK9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TRANSCONTINENTAL GAS PIPE has no effect on the direction of Amkor Technology i.e., Amkor Technology and 893574AK9 go up and down completely randomly.
Pair Corralation between Amkor Technology and 893574AK9
Given the investment horizon of 90 days Amkor Technology is expected to generate 59.34 times less return on investment than 893574AK9. But when comparing it to its historical volatility, Amkor Technology is 18.14 times less risky than 893574AK9. It trades about 0.01 of its potential returns per unit of risk. TRANSCONTINENTAL GAS PIPE is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 9,508 in TRANSCONTINENTAL GAS PIPE on August 26, 2024 and sell it today you would earn a total of 52.00 from holding TRANSCONTINENTAL GAS PIPE or generate 0.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 76.66% |
| Values | Daily Returns |
Amkor Technology vs. TRANSCONTINENTAL GAS PIPE
Performance |
| Timeline |
| Amkor Technology |
| TRANSCONTINENTAL GAS PIPE |
Amkor Technology and 893574AK9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and 893574AK9
The main advantage of trading using opposite Amkor Technology and 893574AK9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, 893574AK9 can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in 893574AK9 will offset losses from the drop in 893574AK9's long position.| Amkor Technology vs. Power Integrations | Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. MACOM Technology Solutions | Amkor Technology vs. Cirrus Logic |
| 893574AK9 vs. PennantPark Floating Rate | 893574AK9 vs. Amkor Technology | 893574AK9 vs. BioNTech SE | 893574AK9 vs. US Global Investors |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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